According to BBC Sport's Simon Stone, Juventus, AC Milan and Galatasaray are all monitoring the 31-year-old's situation at Old Trafford, with his current deal entering its final year and no agreement yet reached on an extension.
Manchester United hold an option to trigger a further twelve months automatically, but the club and their captain have so far failed to settle on the terms of a longer-term contract.
Fernandes' deal reportedly carries a £57 million release clause applicable to clubs outside England, a figure that has helped fuel speculation over a potential departure even as his stated preference remains to stay at Old Trafford, ideally for the rest of his career. Milan's interest carries an obvious subplot: the Serie A club is now managed by Rúben Amorim, who worked closely with Fernandes as his captain and on-pitch lieutenant during his time in charge at United before being sacked in January.
Amorim replaced Massimiliano Allegri at the San Siro ahead of this season after Milan missed out on Champions League qualification.
Fernandes joined United from Sporting CP in January 2020 and has gone on to become one of the club's most important players of the past decade, scoring 107 goals and providing 108 assists in 327 appearances across all competitions.
Last season alone he contributed nine goals and a Premier League-record 21 assists in 35 league appearances, form that underlines why United are so reluctant to let him leave despite the swirl of interest from elsewhere. He has also established himself as a mainstay of the Portugal national team, scoring 29 goals in 94 caps.
For now, talks over a new contract continue without resolution, leaving United facing a decision over whether to secure their captain's long-term future or risk losing him for a reduced fee, or potentially for nothing next summer, should negotiations continue to stall.